Currently, if an individual wishes to obtain cash, that individual must find a physical automatic teller machine (ATM), cash dispenser, or store to withdraw cash. The availability of cash is limited by the availability of nearby ATMs, cash dispensers, and stores, as well as bank branch hours. Furthermore, some ATMs charge unreasonable fees for cash withdrawals. Also, ATMs may be located in unsafe or remote areas, making it difficult for an individual to access cash when he or she needs it.
Further, the world of banking is rapidly changing; the economy and customers require on demand services, and convenience of obtaining those services is also a customer requirement. With smartphones and mobile applications, on demand conveniences can be achieved. However, the need for cash currency will still be present for some time. Additional conveniences customers require for a mobile ATM to be commercially successful are communicating in ways that avoid the long wait times typically experienced when dialing a customer service phone number. Customers demand to request a vehicle, cancel a requested vehicle, request an Americans with Disabilities Act (“ADA”) compliant vehicle, receive an estimated time of arrival, track the vehicle, and receive notification when the vehicle has reached its destination. Regarding wait time in today's on demand world, customers also desire to experience the minimum possible wait time.
Existing mobile banking technology experiences problems with network connectivity as it is moving through the city, and experiences delays in use when starting up or if power to the ATM is otherwise interrupted. Loss of power leads to loss of the ability to monitor the ATM for security purposes. Other security concerns include the threat of armed robbery and other criminal activity targeting a live vehicle-based ATM as it travels throughout a city.
Mobile banking technology could face the problem of damage to the ATM components due to the vibrations a vehicle experiences while traveling. Additional technology components also need to be secured to the vehicle.
These and other drawbacks exist.